Effective and Practical Money-Saving Strategies for Students Abroad

Studying abroad may have been a dream come true for you. You must have opted for courses in foreign universities due to the high education standards and worth of the degrees received from there. But it is also an expensive affair for most Indians. Here, we give you a peek into some money-saving strategies you can use to manage your finances while pursuing higher studies abroad. Some of the top study-abroad consultants suggest these:

Explore Scholarships

Before you go to a country like the UK, US, Canada, or Australia for your studies, explore options for the scholarships available. If you meet the criteria and receive a scholarship for your education, you can save big money with this step! The criterion for scholarships is different in different universities. So don’t forget to explore all options before you decide.

Make a Budget and Stick to it!

Making a budget is very important for a country or an individual. Based on your resources, plan how much money you can spend on various things such as books, accommodation, transport, food, etc. Every day or week, write down all your income and expenses. Based on this data, in a couple of months, adjust your plan to minimize cost. The most important part is to stick to the budget.

Low-cost Accommodation.

Staying on a college campus can be expensive. Even though it may be much more convenient to stay on campus, you may have to opt out of it. Choose accommodation outside the campus with other students. The more the number of roommates, the less the rent will be. However, don’t end up living in cramped spaces with many people. It could affect your studies and your mental health. Also, don’t choose a place so far away from the college that you spend a lot on transportation.

Save on Transportation

We hope you are not planning on moving around in a taxi. Using other public transport such as trains and buses will be way cheaper. Wherever possible, travel on a bike or on foot.

Get student passes.

Most countries have student passes that let students enjoy special discounts on travel, entertainment, medical needs, etc. Many countries even offer free medical treatment for students.

Earn for Yourself

Many Indian students take upside hustle while pursuing their education. This could be jobs in restaurants, boutiques, or grocery stores. These days, you can also make enough money with part-time online jobs. The money you get thus would be sufficient to bear your local expenses.

Reuse

Buy books, furniture, bicycles, etc., from thrift stores, garage sales, or from other students who are graduating from college. These are obviously cheaper than buying new ones.

Connect with the Locals

Communication is the key. Don’t remain in your bubble when you are abroad. Find out from locals where you can get good local products such as food, groceries, clothes, etc. They might be able to help you with many other cost-cutting tips.

Conclusion

International education without incurring much additional cost isn’t that difficult after all. Many students doing higher studies abroad have been doing it successfully for years. Find students in your college who are using other effective and practical ideas that may be specific to the country you are in. Study abroad consultants can also help you figure out more about money-saving strategies.

If you have any more questions or queries, then call us at +91 7902525250 or email us at info@scholabedu.com.